The U.S. housing market has reached a rare imbalance. In November, there were nearly 40 percent more home sellers than buyers nationwide, signaling one of the strongest buyer’s markets seen in more than a decade. While buyers typically gain leverage in this kind of environment, high prices and affordability challenges are still keeping many people on the sidelines.
This unusual setup suggests the housing market is under pressure from both ends. Sellers are trying to move homes in a slowing market, while buyers are hesitating due to costs that remain stubbornly high.
Where the Data Comes From
The figures come from a December 23 report by Redfin, a national real estate brokerage that tracks housing trends using proprietary buyer activity data and Multiple Listing Service listings. Redfin estimates buyer counts based on the typical time from a first home tour to a completed purchase, while seller counts come directly from active listings.
All data is seasonally adjusted and reflects conditions across the most populated U.S. metro areas.
Sellers Far Outnumber Buyers
In November, Redfin found there were about 37 percent more sellers than buyers nationwide, or roughly 530,000 more sellers. That gap is more than double what it was in November of last year, when the difference stood at 17 percent. It also widened slightly from October, when the gap was about 35.6 percent.
Any market with more than 10 percent more sellers than buyers is considered a buyer’s market. By that definition, the U.S. has been in buyer’s market territory since May 2024, with the imbalance staying above 30 percent since April 2025.
Buyers Are Disappearing Faster Than Sellers
The number of active buyers fell sharply in November. An estimated 1.43 million buyers were in the market, down 2.5 percent from October and down 9.4 percent from a year earlier. This was the lowest buyer count on record outside of April 2020, when the pandemic froze the housing market.
Sellers are also pulling back, but at a slower pace. The number of sellers dropped 1.4 percent month over month to about 1.95 million, the biggest monthly decline since mid 2023. Even so, seller activity was still up more than 6 percent compared with last year.
This uneven retreat is a key reason the seller to buyer gap keeps widening.
Why Buyers Are Holding Back
High housing costs remain the biggest obstacle. Home prices and mortgage rates have risen so much in recent years that both first time buyers and repeat buyers are struggling to afford monthly payments. Economic uncertainty has only added to the hesitation.
Redfin economists note that affordability, not lack of interest, is the main issue. Many people want to buy but simply cannot make the numbers work. Until costs ease, buyer demand is likely to stay muted.
Some sellers are also responding to weak demand by delisting homes rather than accepting lower offers. In recent months, tens of thousands of sellers pulled listings after seeing homes sit unsold or sell below asking prices in their neighborhoods.
Regional Extremes Tell the Story
The imbalance is most dramatic in parts of the South and West. Austin, Texas, was the strongest buyer’s market in November, with about 114 percent more sellers than buyers. San Antonio, Nashville, Fort Lauderdale, and West Palm Beach also saw seller counts roughly double buyer activity.
These areas surged in popularity during the pandemic as people moved from more expensive regions. Builders ramped up construction to meet demand, but now supply is outpacing the number of people who can afford to buy.
On the other end of the spectrum, Nassau County, New York, was the strongest seller’s market, with about 39 percent fewer sellers than buyers. Other seller friendly areas were mostly in the Northeast and Midwest, where new construction has been more limited.
Prices Are Rising Unevenly
Despite the strong buyer’s market conditions, home prices have not fallen across the board. In November, prices rose nearly 5 percent year over year in seller’s markets. Balanced markets saw prices rise about 3.2 percent.
In buyer’s markets, price growth slowed sharply, with an average increase of just 1.1 percent. This suggests buyers in those areas have more leverage to negotiate price cuts, concessions, or repairs, even if outright price drops are still limited.
What This Means for the Housing Market
In theory, having far more sellers than buyers should push prices down. In practice, high borrowing costs and elevated price levels are muting that effect. Many sellers are holding firm on prices or choosing not to sell at all, while buyers wait for better affordability.
Redfin economists say a modest improvement in affordability could bring more buyers back in 2026, narrowing the gap. Until then, the market is likely to remain tilted toward buyers, with sellers increasingly forced to offer concessions to get deals done.
For now, the U.S. housing market is stuck in an uneasy middle ground. Buyers have the negotiating power, but many still cannot afford to use it.
